Apollo Global Management reported a 22 per cent increase in fee-related earnings, boosted by as 25 per cent year-on-year rise in management fees from its credit business.

The alternative asset manager saw fee-related earnings rise to $627m (£472m) in the second quarter of the year. In addition to a rise in management fees – 21 per cent overall – a 4 per cent increase in capital solutions fees, driven by a growth in debt origination, also contributed to the total figure.

Apollo saw net inflows of $61bn over the period into both its credit-focused and equity strategies, helping push assets under management up 21 per cent to $840bn.

“Our second quarter results reflect the strength of Apollo’s business model and the discipline with which we operate,” commented Marc Rowan, chairman and chief executive.

“The power of our origination capabilities were on full display, helping to drive record quarterly organic inflows and Fee Related Earnings. In a dynamic environment, we remain focused on investing and innovating behind long-term growth themes — retirement, wealth, industrial renaissance, and the public-private convergence.”

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The group posted a net income of $1.2bn, or $1.92 per share in the second quarter. It also noted that it saw a record quarterly origination activity of $81bn driven by significant contributions from debt origination platforms and core credit.

Fee generating AUM in credit is $562bn, compared with $76bn in equity. While nearly 60% of it is comprised of perpetual capital.

Apollo also noted that it has $42bn of dry powder in credit and $29bn in equity. The group’s share price was up 2.71 per cent in the morning.

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